According to some online sources, she is expected to reprise her role in season 4 of White Collar, possibly in the main cast.
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The character Sara Ellis, on the TV show White Collar, is played by Hilarie Burton. Hilarie Burton had previously appeared in the show One Tree Hill. Her character first appeared in season two, episode five "Unfinished Business." She played an insurance investigator who had previously testified against Neal Caffrey. She later became a love interest for Neal and even after their relationship waned, she has continued to appear on the show.
Francie Swift played the role of Renee in season two, episode one "Withdrawal" on White Collar.
The mid-season finale for White Collar season two was the episode "Point Blank" which aired on September 7, 2010. The season picked back up on January 18, 2011 with the episode "Burke's Seven."
White Collar has not been cancelled. Right now it is on a mid-season break and the show will return for the second part of season four on January 22, 2013 on the USA Network.
White Collar will return for the second half of the season four on January 22, 2013 at 10 pm EST on the USA Network.